bid guarantee

bid security

The deposit of cash, certified check, cashier’s check, bank draft, money order, or bid bond submitted with a bid and serving to guarantee to the owner that the bidder, if awarded the contract, will execute such contract in accordance with the bidding requirements and the contract documents.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
References in periodicals archive ?
Aeroplate argued that the relevant FAR provision (274) mandates that as long as a bid guarantee (bid bond) is proper on its face, the bidder has satisfied its requirements for the bid.
Simont argues that its bid was improperly rejected for lack of a bid guarantee, and explains that it omitted the bid guarantee in good faith based on its reading of the amended IFB.
In a sealed bid procurement which required the submission of a bid guarantee in the amount of 20 percent of the bid price, agency properly rejected protester's bid as nonresponsive, where the bid included a bid guarantee that stated that the penal sum amount was limited to 20 percent of the bid price, but the liability limit of the surety was limited to an amount that was significantly less than 20 percent of the bid price.
The Corps rejected Horizon's proposal on the ground that the firm's bid guarantee was unacceptable.